Impact of energy intensity, green economy and blue economy to achieve sustainable economic growth in GCC countries: Does Saudi Vision 2030 matters to GCC countries

Abstract

The study examines the role of energy intensity, green economic factors, and blue economic factors to achieve sustainable economic growth in gulf countries. Additionally, we analyze the role of studied factors in view of Saudi Vision 2030. The findings of asymmetric ARDL report that labor and marine trade are the contributing factors of economic growth in gulf countries. However, the factors have improved in post-Vision 2030 estimations. The negative shocks in energy intensity leads towards sustainable economic growth. The positive shocks in renewable energy, grants, marine trade, and marine tourism are key factors for economic development. In country wide analysis, we recommend gulf countries need to widely focus on green and blue economic factors. For green indicators, research and innovation need extensive reforms to participate in sustainable economic development. In reviewing of the blue factors, we recommend reforms in fishery and marine tourism sectors.